Mortgage Blog

Yes, the empoloyment data is not good, and the stock
market is falling and the bonds are ralling and the
mortgage rate is getting better.

But the lenders are "holding" the profits and wants
to have the "loans in progress" closed.

Here is the updates for the "Low Appraisal Value, good
or bad"? One more seller is willing to lower the price
of 10k; and another buyer is still negotiating with the
seller for lower pricing, and they may be able to get it
as well.

Some borrowers are getting concerned about August 2
Debt Ceiling Deadline. They are afraid of higher interest
rate. So they are locking the loans now, like 15 yr fixed
3.75%; 30 yr fixed rate of 4.5%. Though they are not
at the best level, it's indeed a good way to protecting
themselves.

One mortgage veteran wrote a column about the ugly picture
of August 2 if the Debt Ceiling not passed: unemployment
rate shoot to 20%; interest rate to 10%, stock market will
be down about 30%, etc. Personally I think he is just joking,
and I don't think it will happen. If it does happen, it
will present us lots of opportunities, either on the
stock market or the mortgage rate market.

So are you ready for August 2nd?